Paul Krugman makes a prediction that is terribly likely to come true. There are times when it’s hard to conclude that we are anything but f**ked.
If the Iraq parallel is any guide, and deficits become intolerable for everyone, years from now, when the American economy is mired in a deflationary trap — long after most people will have conceded that austerity was a mistake — only those who went along with the mistake will be considered “serious,” while those who argued strenuously against a disastrous course of action will still be considered flaky and unreliable.
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